Goldman Trims Oil Price Forecasts; Brent Falls for Second Consecutive Day

Goldman Trims Oil Price Forecasts; Brent Falls for Second Consecutive DayFor a consecutive second day the price of Brent fell as Goldman Sachs Group Inc. trimmed its crude price figure forecast. The predicted higher supply growth coming from non-OPEC producers is expected to surpass the demand. However in New York the West Texas Intermediate remained steady.

Future prices fell about 0.5 percent in London, increasing further losses following a decline for the fifth time in a week.

Goldman Sachs says that the speedy output from producers like Azerbaijan and Brazil, the producers from outside North America, will result in an excess supply in the coming year 2015.

Hasan Qabazard, who is an ex- head of the research division of the Organization of Petroleum Exporting Countries, said that during the scheduled meeting in Vienna in November the members should decide to allow the market balance itself rather than try to intervene.

In another instance, today Ken Hasegawa, an energy trading manager at Newedge Group in Tokyo, said that "Oil prices may decline further until we get some comments from OPEC that they will cut production." He also mentioned that the supply is growing faster than the demand.

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